Singapore legislation
Regulation 19
Regulation 19
Authorisation of withdrawals
Amended byS 438/2025 wef 01/07/2025S 438/2025 wef 01/07/2025
Subregulation 1
Amended byS 438/2025 wef 01/07/2025
Where a withdrawal from any Retirement Account or SAVER Account (as the case may be) and Savings Account (if any) in the SAVER-Premium Fund has been authorised in favour of any person under regulation 14A or 17AC (as the case may be), 17A or 18, the Board shall —
(a)
on the written instruction of that person, credit the amount authorised to be withdrawn to his bank account; or
(b)
open a savings account with a bank in the name of that person and credit the amount authorised to be withdrawn to the said bank account.
Subregulation 2
Amended byS 438/2025 wef 01/07/2025
Payment may also be made by the Board in such other manner as the Board shall see fit in any particular case or class of cases.